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Below mentioned are the various disadvantages of a business plan:
1. Inaccurate.
It is important to involve the right people in the business planning process as they will be influencing the long-term vision of your business. The person developing a business plan requires expertise in multiple fields for it to be successful, otherwise, the inaccuracy can lead to many unintended consequences.
2. There is often a lack of accountability.
A business plan is developed by only one person, and it is difficult to hold that person accountable for the process. The plans become the guideline for the company's operations and for its success. The business plan is created on the basis of scheduled time instead of the best requirements of the business.
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- Writing a business plan is your map to how you are going to operate. Regardless of whether you are interested in taking over an existing business or starting a new one; they both have challenges that you will need to overcome in order to succeed. Discuss one of the challenges in starting a new business and how you may be able to address that challenge with a well-designed business plan. Your challenge can be unique to either a start-up or on-going business or both.arrow_forwardOpportunities that become available to an entrepreneur only after preceding decisions have been made are called:arrow_forwardWhat are the different forms of business organizations? How do different organization forms impact control and access to financing? How will you decide on the appropriate organizational form for a business?arrow_forward
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